Malcom Floyd’s three-year contract extension signed last week gives Floyd the security he has long desired, but it is also friendly for the team, which locked up arguably its No.1 receiver at an average of $3.67 million per year through 2015.

Floyd received $11 million in new money, of which $8 million is fully guaranteed.

That includes a $1 million signing bonus, a $2.75 million option bonus payable next year and guaranteed base salaries of $1.5 million in 2013 and $2.75 million in 2014.

Floyd’s base salary in 2015 is scheduled to be $3 million. He is making $2 million in 2012 on a contract signed prior to last season. There are also almost $2 million in escalators and incentives over the next four years.

The $11 million he is likely to earn the next three seasons for a player who led the league in average per catch from 2008 through ’11 is a bargain.

The Chargers this past offseason signed receiver Robert Meachem for four seasons at an average of $6.38 million, giving him $14 million guaranteed. Also, receiver Eddie Royal got $13.5 for three years with $6 million guaranteed when he signed in March.

Floyd initially signed with the Chargers in 2004 as an undrafted free agent and waited until 2011 for his first multi-year deal.

While injuries have slowed him all but one season, he is the Chargers’ third-leading receiver since 2006 in terms of receptions (189), yards (3,371) and touchdowns (20).